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China has also been working on establishing 30 overseas centers for TCM in countries participating in the Belt and Road Initiative, bringing therapies such as acupuncture to these countries.

China has made great efforts to cut the trade surplus. Focusing on expanding domestic demand, the Chinese government has intensified its economic restructuring via increased public investment and enhanced private investment in many aspects, with the aim to constantly expand its domestic market, said the report.

China has introduced a raft of opening-up policies in the banking and insurance sectors over the last two years, including expanding the business scope of foreign-invested firms and easing market access.

China has been using five-year plans to guide its social and economic development since 1953, and the plan also includes environmental targets and social welfare goals.

China has become the most developed country for e-commerce, but it still remains very attractive to global hypermarket, supermarket and convenience store chains. German supermarket chain Aldi and US warehouse club chain Costco opened their first stores in Shanghai in the past year. They have seen strong sales and heavy footfalls, suggesting significant growth prospects.